Increasing Adoption of Automation to Expand Growth Opportunities for Neuromorphic Chip Market

The global neuromorphic chip market is fragmented in nature due to the presence of a large number of players existing in the market. The prominent players are investing heavily investing mergers and acquisitions and collaboration to expand their geographical reach and get a firm hold in the market. These players are also using effective marketing strategies that help in the commercialization of these chips that in turn will open new opportunities for them.  To mention some of the leading players in the neuromorphic chip market are   HRL Laboratories LLC., International Business Machine Corporation, Vicarious FPC Inc.,   General Vision Inc., Intel Corp., Hewlett Packard Corp., and Samsung Electronics Co. Ltd.

As per the Transparency Market Research, the neuromorphic chips market is projected to expand at a healthy CAGR of 19.1% during the forecast period between 2015 and 2023. Thus, rising at this growth rate is has been estimated that the valuation of the market will reach US$1.801 bn by the end of 2023.

Application of neuromorphic chip is seen in various sectors in which the defense and aerospace sector is leading due to the intensive integration of neuromorphic chip in this sector. In addition, to increase the power of the internet of Things these chips play an important role, which in turn benefits the market growth. On the regional front, North America is leading the market and is projected to continue its dominance in the forthcoming years. The region is leading as it encourages technological advancements in terms of product innovation.

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The growth of the neuromorphic chips market is due to its rising application in various sectors such as defense and aerospace, Internet of things, and many others. The rising automation in various sectors is also opening new opportunities for the growth of this market. In addition to that, optimum usage of memory, higher speed, and less power consumption are other growth factors asserting market growth. Another growth factor is the increasing demand for brain-like computing across various industry verticals, which is likely to expand the demand for neuromorphic chips in the near future.